
Harbor Small Cap Value Fund (HASCX)
Please note that the Fund is now closed to new investors effective June 1, 2021. Please refer to the Fund's prospectus for additional information.
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Overview
Investment Team
Morningstar Medalist Rating™

100
100
The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. |
“Better judgement borne of deep hands on experience in a variety of industries allows us to see what others miss.”
Paul Viera
CEO and Partner, Earnest Partners LLC
Performance
Distribution History
Record Date
Reinvest Date
Payable Date
Return of Capital Non Taxable Dist
Ordinary Income
Total Capital Gains
Short Term Capital Gains
Mid Term Capital Gains
Long Term Capital Gains
Total Distribution
Foreign Tax Credit
Reinvest Price
12/16/2022
12/19/2022
12/19/2022
0.00000
0.12022
2.47978
0.03839
0.00000
2.44139
2.60000
0.00000
35.13
12/17/2021
12/20/2021
12/20/2021
0.00000
0.04232
2.36015
--
0.00000
2.36015
2.40247
0.00000
39.90
12/16/2020
12/17/2020
12/17/2020
0.00000
0.17061
0.00000
0.00000
0.00000
0.00000
0.17061
0.00000
39.22
12/13/2019
12/16/2019
12/16/2019
0.00000
0.17500
0.31673
0.00000
0.00000
0.31673
0.49173
0.00000
34.63
12/14/2018
12/17/2018
12/17/2018
0.00000
0.12283
2.94909
0.11826
0.00000
2.83083
3.07192
0.00000
27.81
12/15/2017
12/18/2017
12/18/2017
0.00000
0.03062
0.68749
0.00000
0.00000
0.68749
0.71811
0.00000
36.37
12/16/2016
12/19/2016
12/19/2016
0.00000
0.11050
0.00000
0.00000
0.00000
0.00000
0.11050
0.00000
30.72
12/16/2015
12/17/2015
12/17/2015
0.00000
0.09352
0.89173
0.10478
0.00000
0.78695
0.98525
0.00000
24.80
12/17/2014
12/18/2014
12/18/2014
0.00000
0.05903
0.91139
0.03354
0.00000
0.87785
0.97042
0.00000
26.39
12/16/2013
12/17/2013
12/17/2013
0.00000
0.04851
4.41125
0.37563
0.00000
4.03562
4.45976
0.00000
24.70
12/14/2012
12/17/2012
12/17/2012
0.00000
0.21642
0.26841
0.00000
0.00000
0.26841
0.48483
0.00000
21.99
12/15/2011
12/16/2011
12/16/2011
0.00000
0.05366
0.00000
0.00000
0.00000
0.00000
0.05366
0.00000
19.12
12/16/2010
12/17/2010
12/17/2010
0.00000
0.07563
0.00000
0.00000
0.00000
0.00000
0.07563
0.00000
19.47
12/17/2009
12/18/2009
12/18/2009
0.00000
0.07112
0.00000
0.00000
0.00000
0.00000
0.07112
0.00000
15.93
12/18/2008
12/19/2008
12/19/2008
0.00000
0.05479
0.03603
0.00000
0.00000
0.03603
0.09082
0.00000
12.80
12/18/2007
12/19/2007
12/19/2007
0.00000
0.09535
1.11030
0.00000
0.00000
1.11030
1.20565
0.00000
19.47
12/18/2006
12/19/2006
12/19/2006
0.00000
0.01961
0.48505
0.00000
0.00000
0.48505
0.50466
0.00000
21.49
12/19/2005
12/20/2005
12/20/2005
0.00000
0.02027
0.30693
0.03399
0.00000
0.27294
0.32720
0.00000
19.81
12/29/2004
12/30/2004
12/30/2004
0.00000
0.00000
0.09415
0.00000
0.00000
0.09415
0.09415
0.00000
18.26
12/29/2003
12/30/2003
12/30/2003
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
15.01
12/27/2002
12/30/2002
12/30/2002
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
10.14
12/26/2001
12/27/2001
12/28/2001
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
10.76
Holdings
Full Holdings
As of 3/31/2023
Company Name [Ticker]
Country
Shares (000's)
Current Price ($)
Market Value ($000's)
% of Net Assets
Casella Waste Systems Inc. Class A [CWST]
897
82.66
74,108
3.4
Franklin Electric Co. Inc. [FELE]
667
94.10
62,774
2.9
Houlihan Lokey Inc. Class A [HLI]
699
87.49
61,175
2.8
CONMED Corporation [CNMD]
564
103.86
58,562
2.7
Hexcel Corporation [HXL]
811
68.25
55,317
2.6
Scotts Miracle-Gro Company Class A [SMG]
771
69.74
53,741
2.5
SPX Technologies Inc. [SPXC]
707
70.58
49,918
2.3
Darling Ingredients Inc [DAR]
844
58.40
49,310
2.3
Timken Company [TKR]
587
81.72
48,000
2.2
Parsons Corporation [PSN]
1,052
44.74
47,071
2.2
FormFactor Inc. [FORM]
1,470
31.85
46,806
2.2
Cabot Corporation [CBT]
596
76.64
45,675
2.1
Littelfuse Inc. [LFUS]
170
268.09
45,518
2.1
AAR CORP. [AIR]
831
54.55
45,308
2.1
Reinsurance Group of America Incorporated [RGA]
338
132.76
44,853
2.1
Meritage Homes Corporation [MTH]
379
116.76
44,270
2.0
Cracker Barrel Old Country Store Inc. [CBRL]
384
113.60
43,658
2.0
Flowserve Corporation [FLS]
1,284
34.00
43,647
2.0
Moog Inc. Class A [MOG.A]
423
100.75
42,592
2.0
FirstCash Holdings Inc. [FCFS]
438
95.37
41,794
1.9
GATX Corporation [GATX]
372
110.02
40,957
1.9
Albany International Corp. Class A [AIN]
456
89.36
40,749
1.9
Integer Holdings Corporation [ITGR]
522
77.50
40,453
1.9
STAG Industrial Inc. [STAG]
1,171
33.82
39,594
1.8
SouthState Corporation [SSB]
548
71.26
39,036
1.8
Diodes Incorporated [DIOD]
415
92.76
38,469
1.8
EnerSys [ENS]
441
86.88
38,323
1.8
Enterprise Financial Services Corp [EFSC]
843
44.59
37,573
1.7
CTS Corporation [CTS]
747
49.46
36,967
1.7
Cheesecake Factory Incorporated [CAKE]
1,039
35.05
36,420
1.7
Box Inc. Class A [BOX]
1,339
26.79
35,866
1.7
Advanced Energy Industries Inc. [AEIS]
360
98.00
35,302
1.6
Envestnet Inc. [ENV]
601
58.67
35,275
1.6
Plexus Corp. [PLXS]
341
97.57
33,244
1.5
First Merchants Corporation [FRME]
1,001
32.95
32,981
1.5
Oceaneering International Inc. [OII]
1,817
17.63
32,037
1.5
Pediatrix Medical Group Inc. [MD]
2,146
14.91
32,003
1.5
Heartland Financial USA Inc. [HTLF]
832
38.36
31,927
1.5
United Community Banks Inc. [UCBI]
1,135
28.12
31,905
1.5
Trustmark Corporation [TRMK]
1,256
24.70
31,028
1.4
Stifel Financial Corp. [SF]
515
59.09
30,403
1.4
United Bankshares Inc. [UBSI]
860
35.20
30,266
1.4
Methode Electronics Inc. [MEI]
679
43.88
29,776
1.4
Amkor Technology Inc. [AMKR]
1,047
26.02
27,238
1.3
Corporate Office Properties Trust [OFC]
1,134
23.71
26,887
1.2
Ryder System Inc. [R]
298
89.24
26,567
1.2
Helen of Troy Limited [HELE]
258
95.17
24,565
1.1
Wolverine World Wide Inc. [WWW]
1,440
17.05
24,548
1.1
Entegris Inc. [ENTG]
270
82.01
22,156
1.0
Sabre Corp. [SABR]
5,122
4.29
21,972
1.0
Catalent Inc [CTLT]
330
65.71
21,673
1.0
Pebblebrook Hotel Trust [PEB]
1,489
14.04
20,907
1.0
Archrock Inc. [AROC]
2,113
9.77
20,640
1.0
Horace Mann Educators Corporation [HMN]
541
33.48
18,110
0.8
Steelcase Inc. Class A [SCS]
2,059
8.42
17,339
0.8
United Fire Group Inc. [UFCS]
455
26.55
12,077
0.6
DMC Global Inc. [BOOM]
456
21.97
10,019
0.5
Core Laboratories Inc. [CLB]
329
22.05
7,247
0.3
Total
--
--
--
2,116,592
97.8
Cash and Other Assets Less Liabilities
--
--
--
--
2.2
Total Net Assets
--
--
--
--
100%
Sector Allocation
As of 3/31/2023
Small Cap Value Fund (HASCX)
Russell 2000® Value Index
Industrials
HASCX: 29.2%
Benchmark: 14.0%
Financials
HASCX: 20.4%
Benchmark: 26.3%
Information Technology
HASCX: 17.8%
Benchmark: 5.9%
Consumer Discretionary
HASCX: 9.0%
Benchmark: 11.2%
Health Care
HASCX: 7.0%
Benchmark: 9.8%
Materials
HASCX: 4.6%
Benchmark: 4.5%
Real Estate
HASCX: 4.0%
Benchmark: 10.8%
Energy
HASCX: 3.2%
Benchmark: 6.5%
Consumer Staples
HASCX: 2.3%
Benchmark: 2.8%
Communication Services
HASCX: 0.0%
Benchmark: 3.0%
Utilities
HASCX: 0.0%
Benchmark: 5.1%
HASCX: Small Cap Value Fund
Benchmark: Russell 2000® Value Index
Sector Returns
As of 3/31/2023
Economic Sector
Small Cap Value Fund %
Russell 2000® Value Index %
Materials
30.0
7.4
Health Care
19.4
-6.2
Information Technology
10.7
15.3
Industrials
9.6
6.5
Consumer Discretionary
9.4
10.5
Energy
6.0
0.4
Real Estate
1.1
0.5
Utilities
0.0
0.6
Communication Services
0.0
1.6
Consumer Staples
-6.7
1.2
Financials
-8.9
-10.9
Investment Team

EARNEST Partners LLC manages assets for clients around the world, including corporate pension plans, state and municipal pension plans, jointly-trusteed plans, foundations and endowments. They also manage portfolios for high net worth individuals through the platforms of some of the largest broker dealers in the world. EARNEST Partners is a fundamental, bottom-up investor; their investment decisions focus on the merits of individual securities.
The firm believes the best investment decisions are thoughtfully distilled from a pool of expertise, and they are pleased to offer their clients a team with the experience and the network to assess the relevant geopolitical issues, demographic trends and cultural considerations impacting their investments. They believe that identifying the most attractive investment opportunities takes a global focus.
Documents
Name
Date
From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements.
As a result of changing market conditions, total net asset levels, expenses and other factors may change at any time during the current fiscal period and may differ from those shown.
There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. Stocks of small cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.
Weighted Average Market Capitalization: The average size of the companies in a portfolio or index as measured by the market value of outstanding shares.
Price/Book: The price-to-book (P/B) ratio evaluates a firm's market value relative to its book value.
Adjusted Trailing P/E Ratio: The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS.
% EPS Growth – Past 3 year: Earnings per share refers to the bottom-line measure of a company’s profitability defined as net income divided by the number of outstanding shares.
Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity.
Forecasted P/E Ratio: a measure of the P/E (price-to-earnings) ratio using forecasted earnings for the P/E calculation.
The Morningstar Medalist Ratings are shown for funds that have received a rating of Gold, Silver, or Bronze The funds shown without Medalist Ratings may not have received a Medalist Rating or may have received lower ratings.
The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.
The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
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